Midday Market Watch | One year after the flash crash, which layer has recovered?
CoinDesk reported on Oct. 10 that on Oct. 7, order book depth within about 1% of BTC’s price was around $11.7 million, roughly 75% higher than on the flash-crash day last year; dollar-denominated depth in a sample of altcoins, however, continued to weaken.
The key question isn’t whether prices are up, but whether the market can absorb large orders when they arrive. The recovery in depth for major assets points to improved capacity to absorb orders, but it doesn’t mean new buyers have entered across the board, nor does it mean leverage risks have disappeared.
My view: look at liquidity across market segments before talking about a broad-based bull market. The 2025 flash crash is a historical event, not something happening today. For research and discussion only; not investment advice.
CoinDesk reported on Oct. 10 that on Oct. 7, order book depth within about 1% of BTC’s price was around $11.7 million, roughly 75% higher than on the flash-crash day last year; dollar-denominated depth in a sample of altcoins, however, continued to weaken.
The key question isn’t whether prices are up, but whether the market can absorb large orders when they arrive. The recovery in depth for major assets points to improved capacity to absorb orders, but it doesn’t mean new buyers have entered across the board, nor does it mean leverage risks have disappeared.
My view: look at liquidity across market segments before talking about a broad-based bull market. The 2025 flash crash is a historical event, not something happening today. For research and discussion only; not investment advice.